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REGISTERED NUMBER: 07246331 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

ON3 RENTALS LTD

ON3 RENTALS LTD (REGISTERED NUMBER: 07246331)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ON3 RENTALS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTOR: R E Jefferies





REGISTERED OFFICE: 3A Sandfield Mill
Church Lane
Saul
Gloucestershire
GL2 7JY





REGISTERED NUMBER: 07246331 (England and Wales)





ACCOUNTANTS: Lawes & Co
Boyce's Building
40-42 Regent Street
Clifton
Bristol
BS8 4HU

ON3 RENTALS LTD (REGISTERED NUMBER: 07246331)

BALANCE SHEET
31 JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 13,234 17,079

CURRENT ASSETS
Stocks 167,595 154,152
Debtors 5 36,441 33,791
Cash at bank 2,266 18,134
206,302 206,077
CREDITORS
Amounts falling due within one year 6 129,843 99,265
NET CURRENT ASSETS 76,459 106,812
TOTAL ASSETS LESS CURRENT
LIABILITIES

89,693

123,891

CREDITORS
Amounts falling due after more than
one year

7

(64,853

)

(87,950

)

PROVISIONS FOR LIABILITIES 10 (3,310 ) (3,245 )
NET ASSETS 21,530 32,696

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 21,528 32,694
SHAREHOLDERS' FUNDS 21,530 32,696

ON3 RENTALS LTD (REGISTERED NUMBER: 07246331)

BALANCE SHEET - continued
31 JULY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 January 2024 and were signed by:





R E Jefferies - Director


ON3 RENTALS LTD (REGISTERED NUMBER: 07246331)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

ON3 Rentals Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

ON3 RENTALS LTD (REGISTERED NUMBER: 07246331)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2022 30,295 6,449 11,563 583 48,890
Disposals - - - (583 ) (583 )
At 31 July 2023 30,295 6,449 11,563 - 48,307
DEPRECIATION
At 1 August 2022 13,682 6,449 11,563 117 31,811
Charge for year 3,379 - - - 3,379
Eliminated on disposal - - - (117 ) (117 )
At 31 July 2023 17,061 6,449 11,563 - 35,073
NET BOOK VALUE
At 31 July 2023 13,234 - - - 13,234
At 31 July 2022 16,613 - - 466 17,079

ON3 RENTALS LTD (REGISTERED NUMBER: 07246331)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 August 2022
and 31 July 2023 16,895
DEPRECIATION
At 1 August 2022 282
Charge for year 3,379
At 31 July 2023 3,661
NET BOOK VALUE
At 31 July 2023 13,234
At 31 July 2022 16,613

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 32,486 29,619
Other debtors 3,955 4,172
36,441 33,791

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 20,000 20,000
Hire purchase contracts (see note 8)
3,096

2,888
Trade creditors 11,012 9,825
Taxation and social security 16,371 6,543
Other creditors 79,364 60,009
129,843 99,265

ON3 RENTALS LTD (REGISTERED NUMBER: 07246331)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans 55,000 75,000
Hire purchase contracts (see note 8)
9,853

12,950
64,853 87,950

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.7.23 31.7.22
£    £   
Net obligations repayable:
Within one year 3,096 2,888
Between one and five years 9,853 12,950
12,949 15,838

Non-cancellable operating leases
31.7.23 31.7.22
£    £   
Within one year 5,649 5,649
Between one and five years 7,532 13,181
13,181 18,830

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Hire purchase contracts 12,949 15,838

The company's bankers have a charge over all of the company's assets as security for all the facilities in place.

ON3 RENTALS LTD (REGISTERED NUMBER: 07246331)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

10. PROVISIONS FOR LIABILITIES
31.7.23 31.7.22
£    £   
Deferred tax
Accelerated capital allowances 3,310 3,245

Deferred
tax
£   
Balance at 1 August 2022 3,245
Accelerated capital allowances 65
Balance at 31 July 2023 3,310

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
2 Ordinary £1 2 2

12. RELATED PARTY DISCLOSURES

The director maintains an interest free loan account with the company. At the balance sheet date, the company owed £76,490 (2022: £57,206) to the director.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be R E Jefferies.